“But Verma has an edge as he also has overseas business exposure.” Present Oil India chairman and managing director SK Srivastava retires on June 30, 2015.

But interviews to replace him on November 21 were unsuccessful as none of the six candidates including Oil India director finance (Ms) RS Borah was found suitable. So the PESB will invite fresh applications by the end of this month (December) and interview candidates by February 2015.

Modi’s government is focusing attention on Oil India as part of its wider ‘Act East’ campaign to foster development in eastern states like Assam and West Bengal. If Modi can get a high profile industry veteran like Verma to join relatively small Oil India, it would send a strong psychological message to voters in the region.

Towards this end, the PESB might even waive its ‘job-hopping’ rule under which Verma is ineligible to apply for the Oil India job because he took charge as OVL chief in August 2014. “If Modi decides on Verma,” a source tells us, “the rules can be changed.

GAIL director projects Ashutosh Karnatak was not shortlisted for the Oil India chairman interviews precisely because of the ‘job-hopping’ rule. Modi might also ask senior and eligible ONGC directors to apply. “ONGC directors are usually uninterested in Oil India as it is a small company,” adds our ministry source. “But if Modi commands them they will queue up to apply.” In the worst case, the government could give interim charge of the role to an IAS officer or senior ministry official when Srivastava retires. Besides Borah, the PESB interviewed Neyveli Lignite Corporation director (HR) SK Acharya, Air India director (personnel) NK Jain, State Trading Corporation director (marketing) Rajiv Chopra, Engineering Projects India chairman SPS Bakshi, and National Seeds chairman VK Gaur. IAS officer SP Singh, currently posted at the ministry of home affairs, was also shortlisted but did not appear for the interview. “Borah was considered to be the frontrunner but she was unimpressive,” we hear. Borah failed to impress ministry special secretary Rajeev Kumar, one of the panelists. Immediately after the interviews, Kumar was heard asking: “Who selected Borah for the director finance post?”

GAIL director projects Ashutosh Karnatak was not shortlisted for the Oil India chairman interviews precisely because of the ‘job-hopping’ rule. Modi might also ask senior and eligible ONGC directors to apply. “ONGC directors are usually uninterested in Oil India as it is a small company,” adds our ministry source. “But if Modi commands them they will queue up to apply.” In the worst case, the government could give interim charge of the role to an IAS officer or senior ministry official when Srivastava retires. Besides Borah, the PESB interviewed Neyveli Lignite Corporation director (HR) SK Acharya, Air India director (personnel) NK Jain, State Trading Corporation director (marketing) Rajiv Chopra, Engineering Projects India chairman SPS Bakshi, and National Seeds chairman VK Gaur. IAS officer SP Singh, currently posted at the ministry of home affairs, was also shortlisted but did not appear for the interview. “Borah was considered to be the frontrunner but she was unimpressive,” we hear. Borah failed to impress ministry special secretary Rajeev Kumar, one of the panelists. Immediately after the interviews, Kumar was heard asking: “Who selected Borah for the director finance post?”